TMI Blog2003 (1) TMI 78X X X X Extracts X X X X X X X X Extracts X X X X ..... d to us in the affirmative, i.e., in favour of the assessee. - - - - - Dated:- 14-1-2003 - Judge(s) : G. SIVARAJAN., J. M. JAMES. JUDGMENT The judgment of the court was delivered by G. SIVARAJAN J. -The following question of law is referred under section 27(1) of the Wealth-tax Act, 1957 (for short "the Act"), at the instance of the Revenue. "Whether, on the facts and in the circumstances of the case, the assessee is entitled to claim exemption of the price received by him on the sale of the car under section 5(1)(xxxiii) of the Wealth-tax Act ?" The respondent/assessee was a non-resident Indian, who returned to India for permanent settlement on May 2, 1985. While returning to India, he had brought a Mercedes Benz car and clai ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Benz car, into money by selling it, the said money is not eligible for exemption under the said sub-section. The senior counsel also submits that though the said sub-section refers to the value of assets, it has no significance in deciding the eligibility in view of the provisions of section 7 of the Act, which specifically provides for valuation of assets under the Act. The senior counsel, accordingly, submitted that the Tribunal was not justified in holding that the sale consideration of the Benz car brought by him from abroad is entitled to the exemption provided under section 5(1)(xxxiii) of the Act. Though notice was served on the respondent/assessee, nobody entered appearance. In order to appreciate the correctness of the co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ingredients of that clause, The relevant portion of clause (xxxiii) states that "moneys and the value of assets brought by him into India and the value of the assets acquired by him out of such moneys." Admittedly, what is brought by the assessee, for the sale proceeds of which exemption is claimed, is a Benz car. According to the assessee, the sale consideration of the Benz car is the value of the asset brought by him, and therefore, the sale consideration is eligible for exemption under this clause. However, the contention of the Revenue is that exemption under this clause will not be available once the asset brought from abroad is converted into money. The contention of senior counsel is that if the legislative intention was to grant ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s: "Value. The utility of an object in satisfying, directly or indirectly, the needs or desires of human beings, called by economists 'value of use,' or its worth consisting in the power of purchasing other objects, called 'value in exchange'." So, when clause (xxxiii) of section 5(1) refers to the value of assets, it is the money's worth or the price of the assets, which is relevant. It is also relevant to note that clause (xxxiii) itself provides that the value of assets acquired by him out of such moneys is also held to be exempt. Here, the expression "such moneys," according to us, refers to moneys brought, as well is the value of the assets brought by the assessee from abroad. The value of assets, as already noted, is the money's ..... X X X X Extracts X X X X X X X X Extracts X X X X
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